1099-R

Forum|Forum|6 years ago
March 18, 2020
2 replies
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My wife and I each received a 1099-R Form listing the amount that we pulled from the account in 2019 tax year. The amount that we pulled is the contributions that each of us have added in 2015-2017. Even though we are under the age of 59 1/2 and don't satisfy any of the other exemptions that we used the money for, my tax advisor told me that we shouldn't pay taxes because we are pulling back our contribution. However, I am not able to enter it in a way for Turbo Tax to recognize the amount as not taxable. Can you please instruct me how to enter it.

VolvoGirl

Level 15

No that's not right. What kind of IRA Account? Was it from ROTH IRA? @dmertz

MancinobabyAuthor

Level 2

Yes it is a Roth IRA

dmertz

Level 15

Since the circumstances suggest that these were a distributions was from IRAs, be sure to click the Continue button on the Your 1099-R Entries page and answer the additional questions needed to prepare Form 8606 for each of you.

MancinobabyAuthor

Level 2

The 8606 form isn't coming up. I will continue to try.

Thank you for your help

JohnB5677

Level 15

You will have to indicate that you had made prior ROTH contributions.

Deductions & Credits
I'll choose what I work on
Scroll to Retirement and Investments
Select Traditional & ROTH IRA contributions
Select account owner
No you didn't make a 2019 ROTH Contribution
Did you withdraw prior to 2019 - Probably No
Enter Prior Year ROTH IRA Contributions.

Enter the total of all prior ROTH Contributions. You will not be taxed on the contributions, but if you had additional earnings they would be taxable.

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